page 2 wants to know about the cribs

1/12/2006 10:57:44 PM

Quote :

"but what I am talking about is simple supply and demand. There is PLENTY of land out there, and plenty of new houses are being build (I am going to make it easy for you.... this means supply is high). Even if the demand is fairly high (which it isn't if the prices are so much cheaper as you say), it will never appreciate faster than a nice area where the supply is fixed"

Reasons why E. Raleigh is appreciating right now
1) 64 was recently built changing old 64 into Business 64 and making commuting easier
2) At least two shopping centers were recently built in the area BECAUSE the communities are exploding there
3) The land (except for areas too close to the Neuse) is being bought up by all the development companies, so there is not as much land available there as in the past. The prices are not low because of oversupply, because they don't even build most of the houses until someone has already contracted to have a house built.
4) The land has already appreciated over the last two years and the reason why you'll find so many new college grads moving there is because the prices are so much better for what they're getting.

Fixed supply is fixed which means you will have to pay a large amount of money for a place there, but because the community cannot easily physically expand more and the same would apply for businesses then appreciation will not see a huge increase.

My first choice of a place to live was Morrisville and that's why I looked in neighborhoods there first. It was better commute-wise, but the prices were higher even though it's relatively undeveloped because of its location. The same applies to three other families I know that bought a house in nearby areas 12-18 months after I had closed on a mortgage and moved in. They were looking elsewhere but E. Raleigh had the best appreciation points and prices.

Quote :

"ok, let's revamp these, or rather, let's talk about what you can ACTUALLY get for that price in each of those areas - East Raleigh: $180,000-200,000 will get you 2,000-2,300 sqft - West Raleigh: $450,000 will get you 4,500+ sqft for a house built in the last ~7 yrs - Morrisville: $300,000 will get you 2,700 sqft new construction - Cary: $350,000 will get you 3,400 sqft for new construction (i don't even have to go old) so in reality you can get houses ranging in price from $180,000 to $450,000 and from 2,000 to 4,500 sqft "

Drtaylor I will admit I made a typo when I gave my square footage amount. I should have typed 2500 sq ft, although to be fair if I went by my house's area I would be in excess of 2800 square feet. No matter how know-it-all you are I don't care if you can find a few houses that conform to your specifications. I can give you exact listings that fill out my criteria. And unlike you, I can give you EXACT communities (many of which may be sold out by now) that gave me the numbers I have since those were what helped me make my decisions. Once again, I did make a mistake in my haste in the post where I only put 2000 sq ft, but the VERY FACT THAT YOU SAY 200K will only get you an average of 2300 sq ft in East Raleigh PROVES you're pulling some numbers out of your ass. You may be reporting, but a couple years ago when I was actually house shopping and researching for as long as you've been reporting I got my prices. And 8 months ago was not THEN.

In Morrisville:
The Gardens at Town Hall Commons (230K-250K for under 2000 sq ft) - remember I should have used 2500 sq ft as my criteria.
The Preserve at Breckenridge (over 300K for 2500 sq ft)

My West Raleigh price was based on several different houses in different neighborhoods and I don't even remember if they had community names but one was near Aycock (less than 2000sq ft) was well over 400K and I admit that was more central than west Raleigh. I also looked at the Ivory Hills community even though the houses there with only a few exceptions are mostly bigger though some were in the right size range but the ones that were in the right size range are still near 400K and we also looked at a couple places near and on Glen Eden.

Several in Cary that were comparable to the same size were around 400K but I was going with the average of the houses that my husband and I seriously considered which was only 350K. There are A LOT of houses in Cary that sell for more and less than that, but we wanted something in a good neighborhood that had at least 3-4 BR and 2.5 Baths.

And honestly BobbyDigital until you can actually give any evidence that you know a significant amount about mortgages and real estate keep your obvious ignorance to yourself.

1/13/2006 2:49:33 AM

I know enough to keep my money out of East Raleigh, sweetheart.

1/13/2006 8:18:11 AM

There are houses that are fairly new in East Raleigh that were For Sale when I purchased my house a year and a half ago... that are still on the market. What would you do if you were ready to move, and your house didn't sell for 2 years b/c of all that fabulous new construction that was available?

I'm VERY glad I spent the extra money to be in North Raleigh, and kindly took the advice to STAY AWAY from E. Raleigh.

1/13/2006 8:42:55 AM

Quote :

"until you can actually give any evidence that you know a significant amount about mortgages and real estate keep your obvious ignorance to yourself."

All I can give this is a big LoL.

1/13/2006 8:57:07 AM

^ I agree, BobbyDigital is one of the few people on here whom I think has proven himself knowledgable about finance and realty.

Quote :

"the VERY FACT THAT YOU SAY 200K will only get you an average of 2300 sq ft in East Raleigh PROVES you're pulling some numbers out of your ass."

Go to a realty web site and look for East Raleigh, $180K-$200K. I did this on fmrealty.com. This appraently covers sections of MLS areas 11, 12, and 13, from what I can tell.

There are 26 current listings.

One listing is over 2700 square feet, the other 25 listings are 2243 sqft or less.

He was actually being generous with the 2300. I don't know how much clearer he can get.

Turns out "[his] ass" is actually the MLS. A medical miracle!

[Edited on January 13, 2006 at 10:21 AM. Reason : -]

1/13/2006 10:19:32 AM

Speaking of East Raleigh... How about Hedingham? Ouch. That place hasn't appreciated a dime in the past 6 years.

I bought my house based on location location location. I heart N. Raleigh. I shop at WholeFoods, or Harris Teeter, or Lowes, or Kroger, all within a mile of the house.

Where do you shop in East Raleigh??? That's right. Super Walmart or Ghetto Kitty.

Bottom line, much like BobbyDigital said, I kept my $$$ outta East Raleigh b/c I know what it's not going to appreciate anywhere near comparable to other areas.

1/13/2006 10:21:10 AM

^ It's called Hedingham because "Hedingham-on-a-Slab at Crammed Together Acres" sounded too pretentious.

Not that I was really looking there, but my dad has inspected a good number of houses over there, and he advised me to steer clear.

[Edited on January 13, 2006 at 10:26 AM. Reason : -]

1/13/2006 10:23:41 AM

folks

tell me about buying a place downtown

1/13/2006 10:47:22 AM

Quote :

"No matter how know-it-all you are I don't care if you can find a few houses that conform to your specifications. I can give you exact listings that fill out my criteria. And unlike you, I can give you EXACT communities (many of which may be sold out by now) that gave me the numbers I have since those were what helped me make my decisions."

His girlfriend is a real estate agent. He's not the one talking out of his ass.

Quote :

"I know enough to keep my money out of East Raleigh, sweetheart."

So true. We didn't want to go any farther east than Falls of the Neuse when we were looking at houses, and we are glad we didn't. I work near the Capital Blvd split so I'm in the area a lot and its as ghetto as you can get. The area is just very depressed.

1/13/2006 10:54:44 AM

^^It costs a lot.

but seriously, drtaylor knows the market around there pretty well since he just bought in that area.

1/13/2006 10:55:06 AM

Quote :

"Speaking of East Raleigh... How about Hedingham? Ouch. That place hasn't appreciated a dime in the past 6 years."

A guy I work with is trying is best to get out of Heddingham because he says the crime (and general feel of the area) has gotten bad.

Hear is a good indicator of the area... Right now there are 16 HUD foreclosure homes available in Raleigh. Only two of those are not in East Raleigh (both off South Saunders St). So 14/16 HUD foreclosures are all in the same area of Raleigh. Not a good sign.

1/13/2006 11:07:40 AM

Belle is right

most people rather pay for the house they are getting instead of the expensive grocery store its near.

east raleigh hasnt appreciated much lately but as new home construction winds down and the east leg of 540 is completed, things will take off.

1/13/2006 12:23:20 PM

Quote :

"most people rather pay for the house they are getting instead of the expensive grocery store its near."

You've missed one of the most important reasons why people select an area to buy a house in. Proximity to good schools. The schools in East raleigh are shit, and that's the single largest reason why the housing market there is shit.

It's the same reason why housing is so expensive anywhere in the Chapel hill/Carrboro school district. It ranks in the top (10 or 25, i can't remember exactly) in the NATION.

Then, of course, you have the crime issue in E. Raleigh...

1/13/2006 12:34:00 PM

^hit the nail on the head.... although good schools can be a chicken or the egg type question too

seriously though, i dont know enough about the Raleigh market to say what areas are bad or good. if I did, I would have hit this guy up for business already. I just don't think he should follow general advice from someone whose credentials are "have done research for my own home" and who seems to generally be wrong.

[Edited on January 13, 2006 at 12:46 PM. Reason : d]

1/13/2006 12:44:38 PM

Quote :

"Turns out "[his] ass" is actually the MLS. A medical miracle! "

more or less, it'd take a while to drill down on MLS, but as you noted, most listings will be pretty close to those numbers

belle:
1. you don't make any sense

2. i'm not a know it all, although i probably know as much about the market as anybody, my numbers are based on looking at fully 25% of the transactions in this market in 2005 (in spreadsheet format, OMG AVG FUNCTION) i know you looked at a couple of houses "two years" ago and got a sense of things, but i don't think you really understood everything you were looking at or don't remember some of it correctly

if you want to go pull thousands of records of sale and prove that i can't work excel, be my guest

[Edited on January 13, 2006 at 1:05 PM. Reason : )]

1/13/2006 1:01:22 PM

ssjamind

i do need another tww neighbor or i'm not going to know what to do

there's a lot going on down there, some good, some bad, if you're interested give me a call, i'll probably take a ride around this weekend to check on progress on the new neighborhood

1/13/2006 1:04:59 PM

^ pm me your number plz. phone zapped out when i went overseas.

1/13/2006 1:06:34 PM

Quote :

"Then, of course, you have the crime issue in E. Raleigh..."

just for reference, if you want stats on an area you're thinking about buying in, call the area precinct and ask to speak to the crime statistics analyst, they will be able to run everything for you for a particular area and will be happy to tell you about GIS all day long

[Edited on January 13, 2006 at 1:09 PM. Reason : sfdgdsf]

1/13/2006 1:07:52 PM

BigBlueRam is a realtor, you could ask him

1/13/2006 6:55:34 PM

Talk to Str8BacardiL

he's a realtor, too. he happens to be FAVORITE realtor


ps - i have no idea if that's how to make a user tag

1/13/2006 7:20:12 PM